Explanation
BACKGROUND: This ordinance authorizes the appropriation of $124,000.00 within the Special Income Tax Fund and the expenditure of $124,000.00 or so much thereof that may be necessary by the Finance and Management Department, Real Estate Management Office, for payment of rent for an existing lease agreement for office space located at 50 W. Town Street used by the Department of Development, Economic Development Division.
This ordinance authorizes the expenditure for payment of rent for a lease containing automatic renewal provisions, that are subject to the appropriation of rental funds by City Council and certification of funds availability by the City Auditor, for the eighth of twenty (20) one year lease terms of the lease with Columbus Downtown Development Corporation authorized by City Council Ordinance 1121-2007, for the term May 1, 2015 to April 30, 2016 ($124,000.00).
Fiscal Impact: This ordinance appropriates and expends $124,000.00 from the Special Income Tax Fund for the payment of rent for the 2015 - 2016 term of the lease.
Title
To appropriate $124,000.00 within the Special Income Tax Fund for the Finance and Management Department, Real Estate Management Office; to authorize the Finance and Management Director to expend $124,000.00, or so much thereof that may be necessary from the Special Income Tax Fund for the payment of rent for office space. ($124,000.00)
Body
WHEREAS, the Finance and Management Department, Real Estate Management Office, is responsible for leasing commercial properties for use in city operations; and
WHEREAS, City Council previously authorized a lease agreement with automatic renewal terms with each renewal term being subject to the appropriation of rental funds and certification of funds availability by the City Auditor; and
WHEREAS, funding for the payment of rent for lease of office space for the Department of Development, Economic Development Division though not appropriated, is provided for within t...
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